In this paper, a novel power stage structure and implementation of its three operation modes is proposed. Inductive current path and capacitive current path configure dual-path, which reduces current flowing through the inductor with high DCR. Key improvement is PCE in heavy load region, where DCR voltage drop degrades PCE severely. Compared to the conventional buck converter, PCE of the proposed work improved by 3.29% point at 1200 mA constant load condition. Peak step-down PCE is 92.87%.